Ford Finance - Changing From 24 Months To 36 Months

[Yokomoko]

I was wondering if anyone could help me. I currently have a 13 plate fiesta titanium with almost all of the options I will ever need. I am on a 24 month 'options' plan paying £283 a month. I'm 17 months in to the plan and I have been thinking about a new car. I can't afford the deposit for a new car and can't afford the bubble payment, and apparently ford screw you with the expected value and the extra going on towards a deposit.

The only reason I would want a new car is to get a 5 door to replace my 3 door (in which case I would like a focus as 5 door fiestas just look odd).

I was wondering if I could change my finance plan from 24 months to 36 months and pay less a month (using he rest to build up a deposit) and possibly pay lower final bubble payment.

Has anyone attempted this? Any suggestions or things to be wary about before I go in blind and ask the people at Ford?

[MattDRX]

it would involve you refinancing the agreement, unsure you can do it as they'd probably revalue the car at minimal cost and go from there, don't bother going direct with ford anyway, go to a private lease company, their deposits are less than 1k.

[Yokomoko]

I am already with Ford currently so want to work from that is I could. I briefly asked before I signed everything but they said yes but didn't go in to much more detail than that. Perhaps the next time I will go to a private lease company though. Got any suggestions?

[MattDRX]

gateway2lease seem the cheapest, and you won't get anything for the car to use as a deposit unless it's mint and very low mileage, if you need to pay 5K or hand the car back to cancel it they'll value the car at 5k and then ask for another deposit, it's a waste of time, people will say otherwise but leasing is by far the way to go, for instance look at the ST deals, private lease £800 odd deposit and £197 PM for 2 years, includes all servicing and tax in the 2nd year, they'll fix any problems straight away and no waiting for Ford, Fords deal, £4K deposit and £199PM with no servicing or tax.

No brainer as the Bacon would say.

[MattDRX]

that's was £179 PM private sorry.

[Yokomoko]

!Removed! that is really good! Even tempted to drop my current car off and go with them now!! Haha, cheers. :p

[CookieM]

If your on options just go back to dealer. They will value your car and then give you a quote for a new one on a new options agreement based on whether you have negative equity in the car or not. Then obviously you can chuck another couple of hundred in as a deposit to bring it down a bit more.

Whenever I do it, I get a payment break so put in 1 months cost as a deposit.

If they can't work something out for you, just keep your current car

[Yokomoko]

I don't want finance on a new car, I want to change my current cars finance from 24 months to 36 months :-P

[CookieM]

Ah I misread lol. Pretty sure you can't change that. Might be able to get it cheaper by getting a new car with a new contract for 36 months? Although the interest is 7.2% rather than 4% so may not work out that way.

[matt1981]

Give them a ring and ask

http://www.ford.co.uk/OwnerServices/FinanceandProtectionforOwners/ManageYourAccountOnline

I don't see why they wouldn't allow it as wouldn't they be getting more money out of you in interest as the term is longer?

[MattDRX]

Its more how finance works on this, to change your payment terms essentially is looked at as Financial difficulty and it will flag on your credit rating if you modify the length of the agreement, you can settle and refinance but it would be again another term of 12,24,36 again and not an extension that you're after, bets thing in all honesty dude is finish the term, and go elsewhere with the Focus or something that you're after, I know you don't want another deposit but if it's only £800 and the monthly payment is a lot cheaper it'll be lower in the long run and you'll save on servicing and tax and be better off.

Look at me talking logic here.

[MattDRX]

Plus your monthly payment may change, could even go up as Fiestas are worthless after 3 years giving you a much lower GMV, may be why ford are so keen on 2 year deals these days.